Outside Source
Crypto exchange OKX, a well-known exchange, has published its eighth consecutive monthly report on proof-of-reserves (PoR). The report reveals the balances of BTC, ETH, and USDT held by OKX, totaling a significant amount of $11.3 billion.
According to the report, OKX has maintained a reserve ratio of over 100% for eight months. The PoR report includes various assets such as USDC, XRP, DOGE, SOL, OKB, APT, DASH, DOT, ELF, EOS, ETC, FIL, LINK, LTC, OKT, PEOPLE, TON, TRX, and UNI, in addition to BTC, ETH, and USDT.
BTC, ETH, and USDT show reserve ratios of 103% each, indicating that OKX holds more reserves than the amount of cryptocurrencies owned by its users.
OKX prioritizes offline cold storage for its reserves to enhance security measures and mitigate online vulnerabilities and potential attacks.
Lennix Lai, Chief Commercial Officer of OKX Global, emphasized the importance of security, transparency, and trust in OKX’s operations. Lai assured users that OKX would continue to conduct regular PoR audits to maintain transparency and allow independent validation by users.
OKX plans to release a PoR report every month, and in April 2023, the exchange introduced a self-audit tool that utilizes zk-STARK technology. This tool enables customers to verify OKX’s solvency while protecting their privacy.
With over 210,000 addresses released as part of its PoR initiative, OKX allows the public to monitor the circulation of assets. Users can access the latest PoR report on the dedicated site, check reserve ratios, and independently verify OKX’s solvency.
This article first appeared at crypto.news
